Abstract
Although Nigeria is the largest petroleum producer in Africa, the story of its political economy remains one of gross indebtedness and inefficiency. This account of the Nigerian oil industry considers financial restraints on domestic investment, the fraught relationship between the government and foreign oil companies, and the tragic lessons of an oil-dependent economy. In an international context, the study explains the pivotal role Nigeria plays as a mediator between the Gulf oil-producing countries and the markets of Europe and America. A special chapter considers the potential of Nigeria's natural gas, which at present is wasted on a grand scale.
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